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Confessions of a CFO—Boyd Busby

 

Profile of Boyd Busby, Hodges Warehouse + Logistics

 

 

Originally from Irvington/St. Elmo, AL, a small town south of Mobile, Boyd graduated from Theodore High School in 1989. His first job was as a copier repairman in Mobile and then as a car salesman. "I refer to my time selling cars as “The University of Joe Bullard Oldsmobile”. His next stop was at Troy University in 1996, where he enrolled to study environmental science. Chancellor Hawkins saw that accounting was a better fit for Boyd and referred him to Dr. Tom Ratcliffe, where he was convinced that accounting was the greatest major at Troy. After working with Wilson Price for three years, Boyd became the Controller & CFO for Hodges Warehouse + Logistics in 2001. Hodges has 5 million square feet of warehouse space, owns and operates a real estate company and a small fleet of semi-trucks, which the majority of their business is in Alabama.

 

 

Q: What is your background? 

Boyd: I spent three years in public accounting before becoming Controller and CFO at Hodges Warehouse + Logistics. I was a good and “quick” fit because I was familiar with Hodges through my public accounting experience. 

 

Q: What career path did you take to the CFO office?

Boyd: The path to my current position has taken many winding roads. I did not go to college until I was 24. Before college I was a copier repairman for 3 years and sold cars for 4 years. During college I drove an 18 wheeler on the night shift while going to school during the day. After graduation I went to work for a large public accounting firm in Montgomery where I worked in various industry engagements for 3 years. I felt as though I had an edge over my peers due to my varied background and life experiences.

 

Q: What advice would you have for a CPA aspiring to a CFO position?

Boyd: You should be thinking at your boss’ level now.

 

Q: What skills do you think are most important in doing your job well?

Boyd: Besides honing your technical skills (accounting/tax/management) I would encourage young CPA’s to work on their communication skills, especially written communication. I spend a large portion of my time creating narratives of “gathered” information and writing skills become very important. 

 

Q: What primary challenges do you face as CFO of your organization?

Boyd: As most everyone in business today we are dealing with this severe economic condition. The timeliness of financial reporting has become very important to keep everyone (CEO/Board/Banks/Investors) informed of our financial condition. Moving our monthly close up 3 days without increasing staffing has been difficult. Another challenge has been managing ever tightening credit markets and immediate cash needs while also positioning ourselves for growth when the economy turns. Having been in business for only 10-12 years I am relying heavily on advice from those familiar with economic downturns on the 70’s and 80’s.

 

Q: How have you responded to those challenges?

Boyd: As for the decreasing the financial reporting deadline by 3 days we have utilized technology such as going paperless, building “smart” spreadsheets that use tables, sum-if functions, etc., and having everyone use a least two monitors. I currently use quad monitors and have noticed an increase in productivity.

Also, the credit and cash needs are a bit more complex. I stay in constant contact with my bankers to gauge their feel for my business and area businesses and have found that they appreciate the communication. Any cash outlay is scrutinized on a cash payback period level and we are much more particular about investments.

 

Q: What do you like to do away from work to achieve a work / life balance?

Boyd: My life revolves around my family and Church. I have been married to my high school sweetheart, Tami, for 18 years and we have three children, Kalen (16), Kaleb (12) and Karis (9). We attend Grace Baptist Church in Wetumpka. Tami and I are from Mobile and have no family in the area and our church has become our family. We spend most of our time at soccer and baseball fields or at Church activities.

 

 

Look for a CFO profile in every edition of The Balance Sheet.